IMF expects Oman economy to grow by over 6% next year

Muscat - 

The International Monetary Fund expects Oman to become the fastest growing economy in the GCC region next year with an estimated growth of more than 6 per cent.

The IMF revised up its Oman GDP growth forecast to 6.2 per cent for 2020 from its previous estimate of 2.7 per cent growth, according to the fund’s World Economic Outlook report released last week.

However, the IMF sharply lowered its growth forecast for 2019, expecting Oman’s economy to grow by just 1.1 per cent this year, against its earlier forecast of 5 per cent growth.

The Fund slashed its 2019 growth forecasts across the board for all GCC countries. With an estimated growth rate of 2.8 per cent this year, the UAE will be the fastest growing economy in the GCC in 2019, according to the IMF.

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